August 2014 African Business News

Moky Makura

Finding African stories: Moky Makura (Video)

Moky Makura is a Nigerian-born South African TV presenter/producer, publisher, writer, actress and entrepreneur.

Ozwald Boateng

Game Changers Africa: A profile of Ozwald Boateng (Video)

The life and career of Ozwald Boateng are profiled. Ozwald Boateng was the youngest and first African tailor to open up shop on London’s Saville Row.

Tony Elumelu, Chairman of Heirs Holdings, Transcorp and UBA

Game Changers Africa: A profile of Tony Elumelu, Chairman of Heirs Holdings, UBA and Transcorp (Video)

Former Nigerian banker turned philanthropist & entrepreneur, Tony Elumelu, is profiled.

Mel Okudo, Managing Director, Bonwick Capital Partners

Investing in Africa: Building Trust and Information Access (Video)

Listen to experts and CEOs talk about the importance of building trust and relationships.

President Jonathan said the e-ID scheme would be the primary database for all government departments

Nigeria launches national electronic ID cards in partnership with MasterCard

Nigeria’s president has formally launched a national electronic identity card, which all Nigerians will have to have by 2019 if they want to vote.

Western Union

Western Union launches outbound remittances for Nigeria

Western Union has launched an outbound remittance service in Nigeria, allowing people to send – not only receive – money around the world.

Spartacus - A Starz Original Drama

iROKOtv brings Hollywood blockbusters Spartacus and Magic City to its platform today announced that it has licensed two of the top award-winning Hollywood drama TV series — Spartacus and Magic City — from Starz Digital Media.

African Bank recently received a $1.6B bailout from the South African Reserve Bank (SARB)

South Africa’s Subprime Crisis

When America’s housing bubble burst and the subprime loan market tanked in 2007, banks around the world found themselves exposed to subprime debt through an array of complex and opaque financial arrangements.

TV White Spaces (TVWS) can bring afforable broadband to Namibia

Namibia hosts world's biggest TV white spaces (TVWS) pilot project

A northern Namibian area spanning 62km x 152km (9,424 km²) has become home to the world’s biggest television white spaces (TVWS) broadband pilot project, says Microsoft.

Chris Ndlulue, Arik Air’s Managing Director, and Adnan Kazim, Emirates Divisional Senior Vice President, Planning, Aeropolitical and Industry Affairs

Arik Air and Emirates Sign Memorandum of Understanding (MoU)

Emirates, a global connector of people and places, and Arik Air, West Africa’s leading airline, have signed a Memorandum of Understanding (MoU) to develop and expand their existing commercial relationship and explore further areas of co-operation.

To make it big in Africa, a business must succeed in Nigeria, the continent's largest market

To make it big in Africa, a business must succeed in Nigeria, the continent's largest market

IN 2001 MTN, a fledgling telecoms company from South Africa, paid $285m for one of four mobile licences sold at auction by the government of Nigeria.

A nurse wears a special uniform to be protected from the Ebola virus at a state hospital in Kenema, Sierra Leone, in August 2014.

Ebola a long-term 'blip' for Africa investors

When Africa investment consultant Melissa Cook landed in Abuja last week, Nigerian airport workers took her temperature for signs of Ebola.

Nigerian Children

Fact of the Day: Nigeria’s population is expected to surpass that of the United States by 2050

Nigeria’s population is expected to surpass that of the United States by 2050, according to the United Nations.

Penny Pritzker, US Commerce Secretary, at the US-Africa Business Forum

Africa Summit Set the Stage for US Business. Now What?

As the dust settles after the U.S.-Africa Leaders’ Summit that took place in early August in Washington, a clearer picture is emerging of what it achieved.

'Ghana Must Go' by Taiye Selasi

African writers take center stage

Take a moment and think of an African author. Have you got the name in mind? Keep it there for a minute.

Demola Ogundele, founder of

Leading Music Site,, Launches SoundCloud-Styled Music Platform

Leading music site, is launching a SoundCloud-styled music platform today that allows artists to upload songs and share with their friends, fans and followers as well as link these up with iTunes so that listeners can purchase their music.

Diana Layfield, CEO, Standard Chartered Africa
Ethiopia, Kenya and Ghana bid to host 2017 Africa Cup of Nations

Ethiopia, Kenya & Ghana bid to host 2017 Africa Cup of Nations following Libya's withdrawal as host nation

Ethiopia, Kenya and Ghana have announced their interest in bidding to host the 2017 Africa Cup of Nations following Libya’s withdrawal as the host nation.

WED Magazine

Six startups tapping into Nigeria's lavish wedding industry

CNN’s African Start-Up talked to some of the ingenious entrepreneurs wanting to get a slice of Nigeria’s wedding industry cake.

Professor Onyebuchi Chukwu, Nigeria's Minister of Health

Nigeria has contained Ebola: Professor Onyebuchi Chukwu, Nigeria's Minister of Health

Nigeria’s health minister has insisted the Ebola outbreak has been contained in the country, and said it was working hard with its African neighbors to fight the disease.

China in Africa

China Understands What The West Doesn't: Africa Is Our Next Superpower

Not that “Africa” is a country, of course, but it helps to look at broad, continent-wide trends. People are reluctant to the idea of demographics as the great driver of history.

South African Rand

South Africa economy avoids recession

South Africa has avoided falling into recession after second-quarter GDP figures showed the economy grew by 0.6% during the April-to-June period.

Bob Collymore, CEO, Safaricom

Safaricom restarts $120M bid to acquire yuMobile assets

Kenya’s biggest mobile network Safaricom is making progress in acquiring the infrastructure of smaller rival yuMobile.

JP Morgan

Nigeria Says Bond Due 2024 to Be Added to JPMorgan Emerging Markets Index

Nigeria’s 10-year bonds will be added to the JPMorgan Chase & Co.’s (JPM) benchmark emerging-market index series, the nation’s debt management agency said.

Tony Elumelu, Chairman of Heirs Holdings, Transcorp & UBA Group

UBA Group Appoints Tony Elumelu as Chairman

The Board of United Bank for Africa Plc UBA today announced the appointment of Mr. Tony O. Elumelu, C.O.N. as Chairman, succeeding Ambassador Joe Keshi.

Mo Ibrahim, Billionaire Founder of Celtel and the Mo Ibrahim Foundation

People need to see Africa as it is: Mo Ibrahim, Billionaire Founder of Celtel and the Mo Ibrahim Foundation

I have always been optimistic about Africa, and Africa is where I make my money, without paying bribes…

Wale Tinubu, CEO, Oando

Oando moves to Nigeria's top league with $1.5B ConocoPhillips deal

Nigerian oil company Oando completed a $1.5 billion deal to buy ConocoPhillips’s assets in Nigeria on Wednesday, catapulting it to be one of the top players in the West African country’s emerging indigenous oil and gas exploration industry.

Jeff Immelt, Chairman & CEO, General Electric

General Electric to invest $2B in Africa

Africa is expected to receive $2 billion worth of investments from multinational conglomerate GE (General Electric).


South Africa's Shoprite shifts investment focus to the rest of Africa as profit slows

Shoprite Holdings Ltd. (SHP), South Africa’s biggest food retailer, is shifting its investment focus to the rest of the continent as sales in its home market slow and full-year profit missed analysts’ estimates.


Transcorp announces appointment of Emmanuel Nnorom as new CEO

The Board of Directors of Transnational Corporation of Nigeria Plc on Tuesday announced the appointment of Mr. Emmanuel Nnorom as the President/Chief Executive Officer of the company.

Fela Kuti

The making of a musician - ‘Finding Fela’ by Alex Gibney: A movie review by The New York Times

The small gesture was not Fela Kuti’s style. With his band the Africa 70, this Afrobeat pioneer rolled out monster-size grooves, chugging along with soulful beats, keyboards and horns.

Jason Njoku, Founder & CEO, iROKOtv

iROKOtv launches $2.50 monthly subscription plan

Nigerian Nollywood streaming service is branching out to include Hollywood, Bollywood, Korean and Telenovela television series and movies as part of its offering.

Karl-Johan Sturesson, Head of Business Development, Carmudi Africa

Online auto marketplace Carmudi broadens Africa footprint

It’s been a busy year for Carmudi, a developing-world used-car start-up, and it’s about to get busier.

Fela Kuti

Fela Kuti: Africa's Bob Marley - or an African Handel?

When I met Fela Kuti, the self-styled “Black President”, he was in a London hotel wearing only a pair of red underpants, smoking a massive joint, surrounded by three of his wives he notoriously married 26 in one day and his personal magician, a Ghanaian who called himself Professor Hindu.

Goodluck Jonathan, President of Nigeria

Nigerian president replaces state oil firm's leadership

Nigeria’s President Goodluck Jonathan has replaced the top four executives at Nigeria National Petroleum Corporation, his office said on Saturday, intervening in one of the country’s most powerful institutions and the source of 80 percent of government revenues.

Issam Darwish, CEO, IHS Towers

IHS Towers and Etisalat enter sale and lease back agreement on Nigeria's 2,136 tower portfolio

Etisalat Nigeria today announced the sale of 2,136 of its towers to IHS Holding Limited (IHS) as part of a broader strategy to drive improvements in the quality of its network performance and to accelerate roll out of 2G and 3G coverage and new services to its customers.

ROK Studios

ROK Studios: iROKO Partners' New Movie Production Company

The world’s largest digital distributor of African movies, iROKO Partners is set to officially launch its new movie production company, ROK Studios, which is expected to focus on the production of entertainment-focused content, especially movies for a global audience through its platform,


MTN to invest $225M in Africa Internet Group (AIG)

MTN Group has announced it will invest approximately EUR 168 million into AIG in the next two to four years after acquiring 33.3% of the JV between Rocket Internet and Millicom.

Tewolde Gebremariam, CEO, Ethiopian Airlines

We will have four hubs in Africa: Tewolde Gebremariam, CEO, Ethiopian Airlines (Video)

Ethiopian Airlines CEO Tewolde Gebremariam says the carrier will have four hubs in Africa and talks in particular about the growth potential of the DRC.

EY's Africa Attractiveness Survey 2014 - Executing Growth

Africa Attractiveness Survey 2014 - Executing Growth: EY (Report)

In 2013, Africa’s share of global FDI projects reached 5.7%, its highest level in a decade. The number of new FDI projects in sub-Saharan Africa (SSA) increased by 4.7%.

Niyi Yusuf, Managing Director, Accenture Nigeria

Real vs. Perceived Risks of Investing in Africa (Video)

Listen to experts and CEOs talk about the perceived risks vs. the actual risks of investing in Africa.

Telling the African story

Telling "the African story"

We often hear political and business leaders and Africanists talk about the need to “tell the African story.”